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round to two decimal places Commercial paper. Criss-Cross Manufacturers will issue commercial paper for a short-term cash inflow. Criss-Cross must raise $5,850,000, and the paper

image text in transcribed round to two decimal places

Commercial paper. Criss-Cross Manufacturers will issue commercial paper for a short-term cash inflow. Criss-Cross must raise $5,850,000, and the paper will have a maturity of 182 days. If this paper has a maturity value of $50,000 and is selling at an annual interest rate of 9.5%, what are the proceeds from each paper; that is, what is the discount rate on the commercial paper? What is the discount rate on the commercial paper? % (Round to two decimal places.)

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